Mid Atlantic Announces Agreement for Strategic Acquisition of First Mercantile


  • Mid Atlantic to expand its value proposition to financial intermediaries
  • Mid Atlantic to continue to invest in the First Mercantile platform and product offerings
  • Mid Atlantic to seek additional acquisitions

Pittsburgh, PA, December 3, 2018 – Mid Atlantic Capital Group (“Mid Atlantic”), a leading provider of technology, infrastructure, and support services to financial intermediaries, announced that it has closed on a transaction to acquire First Mercantile Trust Company (“First Mercantile”) from Massachusetts Mutual Life Insurance Co. (“MassMutual”) as of November 30, 2018. The transaction, which has completed all applicable regulatory approvals (including an approval from the Tennessee Department of Financial Institutions), marks a continuation of Mid Atlantic’s effort to provide best-in-class product offerings to support financial professionals.

“We are continually looking for opportunities to improve our ability to serve our client base and provide our business partners with additional tools to expand their business,” said Paul Schneider, CEO of Mid Atlantic. “First Mercantile’s collective trust fund products are industry leading and provide a distinct value to financial intermediaries offering retirement solutions to their clients.”

“Like Mid Atlantic, First Mercantile is focused on the small to midsize retirement plan space where both companies share a client centric culture,” said Tim Friday, Group CEO of Mid Atlantic. “We look forward to welcoming First Mercantile’s well-seasoned, customer focused team to the Mid Atlantic organization and are especially excited about their strong collective fund capabilities.”

“We are excited to be joining the Mid Atlantic family,” said James Pratt, President of First Mercantile. “Mid Atlantic represents an ideal partner who can help us continue our mission of serving the needs of financial intermediaries, plan sponsors, and plan participants.”

John Moody, CEO of EdgeCo Holdings (the parent company of Mid Atlantic) added, “First Mercantile represents the first of what we hope will be many acquisitions designed to support our mission of providing superior technology, products, and services to financial intermediaries.”

“MassMutual is pleased that First Mercantile Trust Co. will continue to serve its customers for their retirement needs,” said Teresa Hassara, Head of MassMutual Workplace Solutions business. “While MassMutual remains committed to its core retirement plans marketplace, First Mercantile’s niche capabilities and market focus align with Mid Atlantic’s strategy.”

About Mid Atlantic
Mid Atlantic Capital Group is a leading financial services organization that provides a wide array of brokerage, advisory, trust, and custody services to a diverse national client base of financial advisors and institutions, asset managers, and benefits administrators through its various subsidiary companies. With assets under custody or administration of approximately $90B, its broker/dealer, registered investment advisor, and trust company serve over 8,000 financial advisors and 500 financial institutions on behalf of more than 265,000 customer accounts and one million retirement plan participants. For more information, visit

About First Mercantile
First Mercantile Trust Company is a financial services company that provides niche services, including collective investment trusts (CIT’s), directed trustee and custodian accounts, and recordkeeping services for employer-sponsored retirement savings plans. First Mercantile serves primarily small- to mid-market corporate plan sponsors in a wide range of industries. Organized under the laws of the State of Tennessee, First Mercantile is located in Memphis. For more information, visit

About MassMutual
MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. MassMutual offers a wide range of financial products and services, including life insurance, disability income insurance, long term care insurance, annuities, retirement plans and other employee benefits. For more information, visit